3. Which one of the following firms would be described as having below-average sensitivity to the state of the economy? a. An asset play firm. b. A cyclical firm. c. A defensive firm. d. A stalwart firm. 4. The price of oil fell dramatically in 2020. What sort of macroeconomic shock would this be considered? 5. How do each of the following f affect the sensitivity of profits to the business cycle? a. Financial leverage. b. Operating leverage